Corporate Crime and Macroeconomic Performance

By Christopher Warburton.

Published by The International Journal of Interdisciplinary Social Sciences

Format	Price
Article: Print	$US10.00
Article: Electronic	$US5.00

This paper evaluates and models the impact of corporate crime on US economic performance since the Great Depression of the late 1920s. Four crises are of specific interest: The Great Depression of the 1920s and 1930s; the Savings and Loan (S&L) crisis of the 1980s; and the financial crises of 2001 and 2008.
We present the argument that intensive corporate crime, which is complemented by expansionary monetary policies and inadequate regulatory or enforcement provisions, is capable of generating or intensifying the recessionary phase of the business cycle or its acute form (depression). In addition to the current theory that recession exacerbates street (conventional) crimes, this paper concludes that recessionary cycles or their acute form can be the result of pro-cyclical white collar crime, insolvency, and the inflexibility of illiquid assets. It argues that shortfalls in aggregate consumption and production, or macroeconomic shocks may not necessarily be sufficient conditions for the persistence of economic downturns in the face of intensive and consequential corporate crime.

Keywords:	Corporate Crime, Financial Crisis, Financial Risk, Liquidity

International Journal of Interdisciplinary Social Sciences, Volume 4, Issue 6, pp.23-40. Article: Print (Spiral Bound). Article: Electronic (PDF File; 1.202MB).

Dr. Christopher Warburton

Assistant Professor, Department of Economics, John Jay College of Criminal Justice, Manhattan, New York, USA

Dr. Warburton is Assistant Professor of economics, who teaches International Economics, Macroeconomics, and Corporate White Collar Crime at the undergraduate level, and Research Methods and Economics at the graduate level. He obtained his Ph.D. in Economics from Fordham University in New York (2003) after specializing in international finance and development. Dr. Warburton holds two Master of Arts degrees, one of which is in Economics, and the other, in interdisciplinary areas of international politics, economics, and sociology. His research interests include: international law and economics, transitional justice, stabilization policies and sustainable development. The papers he has presented at international conferences include: International law and optimal antiretroviral drug access (University of Athens in Greece); When is transitional justice successful? (Southern Cross University in Australia); Can domestically seated war crimes tribunal generate positive externalities? (in Puerto Rico on behalf of John Jay College); and Human Security in Sierra Leone (Unitarian Universalist United Nations in New York). His recent publications include: War and exchange rate valuation; Sustainable development as efficiency and equity; and When is transitional justice successful?

Reviews:

There are currently no reviews of this product.

Write a Review